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Fed Officials Remain Focused on Data

By

Michael S. Derby and

Azam Ahmed

Updated July 31, 2006 2:22 p.m. ET

Federal Reserve officials remain focused on coming data to determine whether to raise interest rates at the Federal Open Market Committee's Aug. 8 meeting, two FOMC members said, after emphasizing inflation risks and a moderation in growth.

Federal Reserve Bank of San Francisco President Janet Yellen said Monday that monetary policy appears near where it needs to be given a moderation in economic growth and the impact of past rate...